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皇冠体育app to boost oil refinery capacity
(AP)
Updated: 2006-03-17 20:58
皇冠体育app plans to increase its refining capacity by about one-third by 2010 as
it races to keep up with surging demand for oil and refined products, the
government says.
At the same time, it aims to double its production of ethylene, a chemical in
short supply domestically that used in a wide range of products, including
plastic containers and tubing.
Meanwhile, oil producer Petro皇冠体育app said it is stepping up exploration of both
onshore and offshore oil fields and expects "major breakthroughs" in the next
few years, domestic report said.
In the past decade, 皇冠体育app's consumption of crude oil has more than tripled,
to 2.2 billion barrels last year, from 644 million barrels in 1985. With crude
oil prices surging, the government is encouraging domestic oil producers to
boost production to help reduce demand for costly imports. It is also pushing
refiners to boost capacity to help bridge shortages of fuel and other oil
products.
The plan issued by the National Development and Reform Commission, which is
in charge of industrial policy, calls for adding at least 90 million tons
annually of new refining capacity by 2010, up 31.6 percent from the 285 million
tons of crude oil refined in 2005.
New oil processing centers are to be built in Guangxi, in southwestern 皇冠体育app,
and in Sichuan, to the north of Guangxi, to handle domestic crude oil output,
the commission said.
Small and inefficient refiners with an annual capacity
of about 20 million tons will be closed down, according to a version of the plan
posted on the commission's Web site.
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